Money/Banking

Currency

ATM:

Using an ATM card is a common way to withdraw money in the U.S. ATM machines are very common. ATM stands for Automatic Teller Machine, and is a machine that allows you to withdraw cash from your bank account, without having to be at your bank. Be aware that most banks will charge a fee if you use ATMs of another bank on their machine. This can add up quickly – so be careful!

Credit Card:

It is also common for people to pay for items by credit card. Visa, MasterCard and American Express cards are usually accepted in most grocery stores, retail shops and restaurants.

Exchanging Currency:

Most money can be exchanged at major banks and at most Currency Exchange Stores. In addition to exchanging currency, this store provides other services, such as sending money through Western Union, and providing CTA passes for purchase.

The following information may be helpful to those unfamiliar with United States currency: One dollar ($1.00) equals “100” cents. Paper money or “bills,” come in denominations of $1, $5, $10, $20, $50, and $100. Coins are in denominations as follows:

U.S. Currency

Coin Name

Value

Value as $

Penny

1 cent

$.01

Nickel

5 cents

$.05

Dime

10 cents

$.10

Quarter

25 cents

$.25

Half Dollar

50 cents

$.50

Dollar

100 cents

$1.00

To avoid delays and cash-flow problems, you may want to open a bank account with a U.S. bank before you arrive.

Complete banking services are offered by Credit Union 1, which has three convenient locations on campus. Credit Union 1 members can get free checking accounts and saving accounts with a minimum balance of $5, ATM/Debit cards, money orders, and traveler’s checks. Clients must show a photo identification (I.D.) to qualify for opening an account.

TCF Bank

TCF Bank is the banking partner of UIC. TCF Bank offers full banking services along with a Totally Free Checking Account. Internationals with a TCF Totally Free Checking account can link the account to their identification card (I-card) for use as an ATM and PIN-based debit card. TCF customers must provide a photo I.D. and a piece of mail which provides proof of address to open an account. The opening fee for any account is $25.

*OIS does not endorse or have an agreement with any of the banks listed.